Money

By Andrea Cambron, CNN The Justice Department on Monday filed a lawsuit against Rite Aid for allegedly violating the Controlled Substances Act, alleging that the company “knowingly filled unlawful prescriptions for controlled substances.” In a statement, Attorney General Merrick Garland said the Department of Justice is “using every tool at our disposal” to hold Rite

By Hanna Ziady, CNN Credit Suisse acknowledged “material weakness” in its financial reporting Tuesday as it scrapped bonuses for top executives in the wake of the bank’s worst annual performance since the global financial crisis. The embattled Swiss lender also said chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million

By Jeanne Sahadi, CNN The gender pay gap is typically referred to in monetary terms, measuring how much women earn for every dollar a man earns. But that gap is also indirectly a marker of time, since women on average earn less and therefore have to work longer just to break even with men. How

By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,

By Matt Egan, CNN Moody’s Investors Service cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank. The credit ratings firm said it expects more banks will come under pressure after SVB’s failure

By Laura He, CNN Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. Japan’s Nikkei 225 tumbled 2.19% to post its third straight day of declines. Hong Kong’s Hang Seng briefly

By Kathleen Magramo and Moeri Karasawa, CNN Masatoshi Ito, the Japanese billionaire who turned 7-Eleven convenience stores into a global empire, has died aged 98, closing the chapter on one of Asia’s most storied retail entrepreneurs. Seven & I Holdings, operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died

By Laura He, CNN China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States

By Oliver Darcy, CNN Andrew Ross Sorkin woke up early Monday morning, long before the crack of dawn, after managing to sneak in a handful of hours of sleep. The New York Times columnist had been up late into the night working on his DealBook newsletter. And now he needed to rise for a special