CNN – Business/Consumer

By Michelle Toh, Rob North and Olesya Dmitracova, CNN HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the deposits of thousands of British tech firms that hold money at the lender. Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England

By Michelle Toh and Anna Cooban, CNN US stock futures were holding steady Monday after an extraordinary move by US financial regulators to restore confidence in the country’s banking system. S&P 500 futures gave up their overnight gains to trade flat and Nasdaq futures were 0.32% higher Monday morning. Dow futures, which rose in early

By Laura He, CNN The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent. SVB, which worked with nearly half of all venture-backed tech and healthcare companies in the

By Nicole Goodkind, CNN Silicon Valley Bank’s collapse last week sent tingles of panic down investors’ spines as it highlighted a larger problem across the banking sector: The widening gap between the value large lenders place on the bonds they hold and what they’re actually worth on the market. SVB’s downfall was tied, in part,

By Anna Bahney and Chris Isidore, CNN Jim Stewart was getting ready to sell his home in East Palestine, Ohio, and retire. Then came the derailment of a Norfolk Southern train on February 3, releasing toxic chemicals into the air and nearby water, and he fears crashing the value of his home. He and his

By Juliana Liu and Gawon Bae, CNN BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. HYBE said Sunday it made its decision “after observing that the market has been showing signs of overheating due to competition with

Reuters Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank,

By Ramishah Maruf and Allison Morrow, CNN This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a

By Alicia Wallace, CNN February’s jobs report had a little something for everyone. For workers, there were jobs; for employers, there were workers filling shortfalls caused by the pandemic; for the Federal Reserve, there were indications that the labor market was loosening and wage pressures were easing. Then again, the total of 311,000 net jobs

By Nathaniel Meyersohn, CNN Pop. Pop. Pop. Pop. The sound and disruption from pickleball, America’s fastest-growing sport, is driving some neighbors, tennis players, parents of young children, and others crazy. Homeowners groups and local residents in dozens of towns and cities have rallied to limit pickleball play and block the development of new courts. They

By Ramishah Maruf, CNN Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers who withdrew their deposits.