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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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
Continue Reading 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 By Brian Fung, CNN The Biden administration has threatened to ban TikTok from the United States unless the app’s Chinese owners agree to spin off their share of the social media platform, TikTok acknowledged Wednesday evening. The apparent ultimatum by a US multiagency panel known as the Committee on Foreign Investment in the United States
Continue Reading By Jackie Wattles, CNN Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. Workers were told the news during a meeting with Virgin Orbit CEO Dan Hart on Wednesday afternoon with direction to
Continue Reading By Mark Thompson, CNN The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday to discuss the ailing bank’s future, as
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