Missouri, Columbia have no money in failed California bank
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.
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Unlike last year, this tax season has been going smoothly
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 Google will stop selling Glass as it looks to cut costs
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 Credit Suisse: Why it’s struggling and why that’s a big deal
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 Credit Suisse got its lifeline. Investors are unconvinced
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 Mortgage rates drop in wake of bank failures
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 Microsoft is bringing ChatGPT technology to Word, Excel and Outlook
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 First Republic secures $30 billion rescue from large banks
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 ‘I am personally sticking with SVB.’ Prominent tech figures pledge support for bank
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 Italy blocks ChatGPT over privacy concerns
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 Should I pull my money out of the bank? What to know about bank failures
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 US home building surged in February
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 UK bans TikTok on government devices
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 Dunkin’ is retiring a fan-favorite drink
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 There’s plenty of blame to go around for SVB’s collapse
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 5 jaw-dropping things GPT-4 can do that ChatGPT couldn’t
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 European Central Bank sticks to its rate-hiking guns, says banks ‘resilient’
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 Credit Suisse still has a fight on its hands despite $54 billion lifeline
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 Banking meltdown: Answers to your 5 most pressing questions
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 Global markets mixed as Credit Suisse accepts $54 billion lifeline
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
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