By Brian Fung, CNN After TikTok CEO Shou Chew testified for more than five hours on Thursday before a Congressional committee, one thing was clear: US lawmakers remain convinced that TikTok is an urgent threat to national security. The hearing, Chew’s first appearance before Congress, kicked off with a lawmaker calling for TikTok to be
Continue Reading By Brian Fung, CNN After TikTok CEO Shou Chew testified for more than five hours on Thursday before a Congressional committee, one thing was clear: US lawmakers remain convinced that TikTok is an urgent threat to national security. The hearing, Chew’s first appearance before Congress, kicked off with a lawmaker calling for TikTok to be
Continue Reading By Nicole Goodkind, CNN In the wake of Silicon Valley Bank’s collapse and subsequent banking meltdown, cash is king. The turmoil inflicted on financial markets has sent cautious investors running away from volatile markets and toward more liquid alternatives. Money market funds, widely thought to be one of the safest, lowest-risk investment options, have seen
Continue Reading By Anna Cooban, CNN Europe’s banking stocks tumbled Friday as investors acted on their lingering worries that the recent crises at some banks could spill over into the wider sector. Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, closed 3.8% lower. The index is down 18% from its high
Continue Reading By Sandi Sidhu and Chris Lau, CNN Chinese authorities have closed the Beijing office of Mintz Group, an American corporate due diligence firm, and detained five local staff, the company said Friday. In a statement provided to CNN, Mintz Group, which is based in New York, said it had not received any official legal notice
Continue Reading By Manveena Suri and Rhea Mogul, CNN The former leader of India’s main opposition political party has been disqualified as a lawmaker, a day after he was handed a two-year jail sentence for defamation, in a ruling his supporters say is politically motivated. India’s lower house, the Lok Sabha, said in a statement that Rahul
Continue Reading By Rhea Mogul, CNN Russia is unable to honor its arms delivery commitments to India because of the war in Ukraine, the Indian Air Force (IAF) said, placing a potential strain on New Delhi’s relationship with its largest defense supplier as Moscow attempts to ramp up weapons production. An IAF representative told an Indian parliamentary
Continue Reading By Laura He, CNN China said it would “firmly oppose” any forced sale of TikTok, in its first direct response to demands by the Biden administration that the app’s Chinese owners sell their share of the company or face a ban in its most important market. The comments came as TikTok CEO Shou Chew testified
Continue Reading By Laura He, CNN China said it would “firmly oppose” any forced sale of TikTok, in its first direct response to demands by the Biden administration that the app’s Chinese owners sell their share of the company or face a ban in its most important market. The comments came as TikTok CEO Shou Chew testified
Continue Reading By Yoonjung Seo, AnneClaire Stapleton and Josh Pennington, CNN Interpol says a man arrested in Montenegro is Kwon Do-hyeong, also known as Do Kwon, the disgraced founder of a collapsed crypto company who is wanted in South Korea and the United States on fraud and other charges. Kwon, a South Korean national, founded the blockchain
Continue Reading By Samantha Murphy Kelly, CNN The governor of Utah signed a controversial bill on Thursday that will require minors to obtain the consent of a guardian before joining social media platforms, marking the most aggressive step yet by state or federal lawmakers to protect kids online. As part of the bill, called the Utah Social
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN About 32,000 hourly workers at Disney World will get raises equal to $3 an hour by the end of the year, and most will get raises of about 37% of their current pay by 2026 under a tentative five-year labor deal reached with a group of unions on
Continue Reading By Oliver Darcy and Marshall Cohen, CNN An attorney for Ray Epps, the Arizona man that January 6 conspiracy theorists falsely claim led an FBI plot to orchestrate the insurrection, demanded an on-air retraction Thursday from Fox News and its right-wing talk host Tucker Carlson, and claimed they made “false and defamatory statements” about him.
Continue Reading By Nicole Goodkind, CNN Shares of Block, the company behind Cash App, plunged by 20% Thursday morning after the release of a searing report from short-seller Hindenburg Research that accused Jack Dorsey’s company of allowing fraudulent accounts that obscure criminals involved in illegal or illicit activities, including the sex trafficking of minors. Hindenburg’s attack on
Continue Reading By Anna Bahney, CNN Mortgage rates dropped again this week for the second week in a row amid lingering concerns about bank failures and uncertainty in the financial markets. The 30-year fixed-rate mortgage averaged 6.42% in the week ending March 23, down from 6.60% the week before, according to data from Freddie Mac released Thursday.
Continue Reading By Anna Cooban, CNN Accenture plans to slash 19,000 jobs worldwide as it attempts to cut costs amid a gloomy economic picture. The Irish-American professional services company said in a Thursday filing that it would spend $1.2 billion in severance to cut 2.5% of its workforce over the next 18 months, and another $300 million
Continue Reading By Peter Valdes-Dapena, CNN General Motors announced Wednesday that it’s ending production of the latest generation of the Chevrolet Camaro, leaving the Ford Mustang as the last gasoline-powered American performance coupe. Stellantis had earlier announced it would stop production of the larger Dodge Challenger at the end of this year. Around the same time, Dodge
Continue Reading By Anna Cooban Bollywood fans have been left without access to hundreds of their favorite tunes on Spotify because of a licensing dispute. Spotify said it had removed the entire catalog of Zee Music — India’s second-biggest domestic music label with 93.7 million subscribers on YouTube — on March 14 after the companies were “unable
Continue Reading By Jackie Wattles, CNN Startup Relativity Space sent what it’s calling the “world’s first 3D-printed rocket” toward space on Wednesday, vaulting it into the upper reaches of the atmosphere. Though, it suffered an engine issue after launch and failed to reach orbit. Terran 1, a 110-foot-tall (33.5-meter) vehicle designed to haul lightweight satellites into orbital
Continue Reading By Anna Bahney, CNN New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale. Sales of newly constructed homes were up 1.1% in February from
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