By Nicole Goodkind, CNN Federal Reserve officials have a difficult path ahead of them. They still have work to do to bring inflation down, but their efforts have been complicated by the events of the past few weeks. The failures of Silicon Valley Bank and Signature Bank and the ongoing stress in the regional banking
Continue Reading By Rhea Mogul, CNN A colossal police hunt for a Sikh separatist who has revived calls for an independent homeland in India’s Punjab state has stoked fears of violence and revived painful memories of a bloody insurgency that killed thousands. Amritpal Singh, 30, has been on the run since March 18 after he was accused
Continue Reading By Olesya Dmitracova and Hanna Ziady, CNN UK consumer prices jumped by 10.4% in February compared with a year ago, as food inflation hit its highest level in more than 45 years, and as the cost of visiting restaurants and hotels increased, official data showed Wednesday. Food prices soared 18.2% through the year to February,
Continue Reading By Juliana Liu, CNN Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng index was trading 2.3% higher, leading gains in the region. Japan’s Nikkei 225 rose by 1.8%, while the broader Topix index
Continue Reading By Michelle Toh, CNN Dozens of American companies are in Vietnam this week in hopes of pushing further into the fast-growing Southeast Asian economy, which has emerged as an attractive potential alternative to China as companies seek to diversify their markets and supply chains. Senior executives from 52 US firms are taking part in the
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Continue Reading By Danielle Wiener-Bronner, CNN Americans are one step closer to being able to buy chicken grown from animal cells, also known as lab-grown meat. Good Meat, the developer of such a chicken product, announced Tuesday that it has received a so-called “no questions” letter from the Food and Drug Administration. That letter states that the
Continue Reading By Brian Fung, CNN As TikTok CEO Shou Zi Chew prepares for his first congressional grilling on Thursday, much of the focus will undoubtedly be on the short-form video app’s potential national security risks. Concerns about TikTok’s connections to China have led governments worldwide to ban the app on official devices, and those fears have
Continue Reading By Catherine Thorbecke, CNN TikTok now has 150 million monthly active users in the United States, CEO Shou Chew confirmed on Tuesday, in a clear attempt to highlight the platform’s vast and growing reach in the country amid renewed calls for a ban. “That’s almost half the US coming to TikTok to connect, to create,
Continue Reading By Oliver Darcy, CNN A Fox News producer on Monday filed a pair of explosive lawsuits against the right-wing talk channel, alleging that the network’s lawyers coerced her into providing misleading testimony in Dominion Voting Systems’ $1.6 billion defamation case against the company. The lawsuits filed by Abby Grossberg, who worked as a senior booking
Continue Reading By Samantha Murphy Kelly, CNN Business Google is opening up access to Bard, its new AI chatbot tool that directly competes with ChatGPT. Starting Tuesday, users can join a waitlist to gain access to Bard, which promises to help users outline and write essay drafts, plan a friend’s baby shower, and get lunch ideas based
Continue Reading By Anna Bahney, CNN The median price of a US home was lower this February than it was in February 2022, ending more than a decade of year-over-year increases, the longest on record, according to a National Association of Realtors report released Tuesday. The median existing home price was $363,000 in February, down 0.2% from
Continue Reading By Matt Egan, CNN Nearly two years of high inflation has caused many consumers to say goodbye to premium goods in favor of cheaper alternatives. New research from Adobe Analytics, shared with CNN, spells out the scale of this trading-down trend playing out in online shopping. Across 11 categories of e-commerce, high-priced goods have lost
Continue Reading By Matt Egan, CNN JPMorgan Chase’s investment bank has been hired to advise First Republic as the embattled regional bank tries to ease concerns about its financial condition, people familiar with the matter told CNN. First Republic’s share price has plummeted 90% to record lows over the past month as investors took scrutinized lenders with
Continue Reading By Anna Cooban, CNN Hats, bags and gold bars emblazoned with Credit Suisse’s logo are being sold on resale sites, having popped up mere hours after the 167-year-old bank was saved from collapse by rival UBS. The emergency takeover brokered by the Swiss government will mean the end of a bank that began life in
Continue Reading By Marshall Cohen Lawyers for Dominion Voting Systems argued Tuesday that its defamation case against Fox News is so strong that a trial isn’t needed, and the judge followed up with some challenging questions for the right-wing outlet during an all-day courtroom clash. Both sides were in court for a major hearing, where they tried
Continue Reading By Matt Egan, CNN The federal government could once again come to the rescue of uninsured bank depositors if smaller lenders suffer bank runs like the one that collapsed Silicon Valley Bank, according to prepared remarks from US Treasury Secretary Janet Yellen. Yellen argues the government’s “decisive and forceful actions” have successfully calmed the banking
Continue Reading By Nicole Goodkind, CNN The Federal Reserve has a lot of balls in the air: Central bank officials are attempting to juggle their economic goals of maximum employment and price stability while maintaining financial safety and security in the midst of a banking meltdown. This week, we’ll hear from Fed officials for the first time
Continue Reading By Nathaniel Meyersohn, CNN Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Already, chains including TJ Maxx, HomeGoods and Ross have scooped up the vacant stores. Burlington, Five Below, Nordstrom Rack and budget gym Planet Fitness
Continue Reading By Nectar Gan, Yong Xiong and Juliana Liu, CNN Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app. In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware. “We
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