By Julia Horowitz, CNN At the start of the year, economists and corporate leaders expressed optimism that global economic growth might not slow down as much as they had feared. Positive developments included China’s reopening, signs of resilience in Europe and falling energy prices. But a crisis in the banking sector that emerged last month
Continue Reading By Nicole Goodkind, CNN The banking crisis caused by the recent collapse of Silicon Valley Bank and Signature Bank has increased the odds of a US recession, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow in an exclusive interview on Thursday. Speaking in his first interview since the failure of SVB, Dimon said that
Continue Reading By Nicole Goodkind, CNN The banking crisis caused by the recent collapse of Silicon Valley Bank and Signature Bank has increased the odds of a US recession, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow in an exclusive interview on Thursday. Speaking in his first interview since the failure of SVB, Dimon said that
Continue Reading By Anna Bahney, CNN Homebuyers benefited from another week of falling mortgage rates, with the average rate dropping for the fourth week in a row, according to data from Freddie Mac released Thursday. The 30-year fixed-rate mortgage averaged 6.28% in the week ending April 6, down from 6.32% the week before. A year ago, the
Continue Reading By Chris Isidore, CNN Bob Jordan, who took over as CEO of Southwest Airlines in February 2022, just 10 months before the airline’s epic holiday travel service meltdown, got a 75% pay hike last year. Southwest’s operational meltdown over the Christmas vacation period prompted the cancellation of 16,700 flights between December 21 and 29, ruined
Continue Reading By Anna Cooban, CNN The International Monetary Fund warned this week of “vulnerabilities” among so-called non-bank financial institutions, saying global financial stability could hinge on their resilience. The Bank of England called attention to the same issue last month. And global investors surveyed by Bank of America in the middle of the recent banking crisis
Continue Reading By Taylor Romine and Kevin Flower, CNN The moments following the San Francisco stabbing attack of Cash App founder Bob Lee were captured on surveillance video and in a 911 call to authorities, according to a local Bay Area news portal. The surveillance footage, reviewed by the online news site The San Francisco Standard, was
Continue Reading By Taylor Romine and Kevin Flower, CNN The moments following the San Francisco stabbing attack of Cash App founder Bob Lee were captured on surveillance video and in a 911 call to authorities, according to a local Bay Area news portal. The surveillance footage, reviewed by the online news site The San Francisco Standard, was
Continue Reading By Pierre Bairin and Hanna Ziady, CNN Demonstrators forced their way into the building that houses BlackRock’s office in Paris Thursday, taking their protest against the government’s pension reforms to the world’s biggest money manager. Videos shared on social media showed protesters entering the Centorial office block, located near the Opéra Garnier opera house, holding
Continue Reading By Clare Duffy, CNN In the wake of the 2016 presidential election, as online platforms began facing greater scrutiny for their impacts on users, elections and society, many tech firms started investing in safeguards. Big Tech companies brought on employees focused on election safety, misinformation and online extremism. Some also formed ethical AI teams and
Continue Reading By Catherine Thorbecke, CNN As the tech sector races to develop and deploy a crop of powerful new AI chatbots, their widespread adoption has ignited a new set of data privacy concerns among some companies, regulators and industry watchers. Some companies, including JPMorgan Chase, have clamped down on employees’ use of ChatGPT, the viral AI
Continue Reading By Alicia Wallace, CNN The US labor market has kept trucking right along even as other areas of the economy have slowed. But that once high-octane ride is showing some signs of wear and tear amid the Federal Reserve’s yearlong efforts to cool inflation by suppressing demand. Job cuts are mounting, hiring activity is losing
Continue Reading By Nicole Goodkind, CNN After months of a remarkably strong US labor market and economy, everything seems to be slowing down. The latest high-frequency data shows that the consumer could be running out of steam, hiring activity is moderating, business activity is softening, interest-rate sensitive sectors are pulling back and housing is suffering. The question
Continue Reading By Michelle Toh, CNN Apple is finally getting ready to open its first physical store in the country as it bets on India as a market and manufacturing base. The company teased the opening of its retail outlet in a brief statement Wednesday, saying it was preparing to greet customers in the financial and commercial
Continue Reading By Raja Razek and Elizabeth Wolfe, CNN The Arkansas House of Representatives passed a bill on Wednesday that would require social media companies to verify their users’ ages and confirm that minors have permission from a parent or guardian before opening an account. The bill, dubbed the Social Media Safety Act, was passed by an
Continue Reading By Jessie Yeung, CNN Across the United States, more than 150 million people are being faced with the possibility of a new reality: life without TikTok. The wildly popular short-form video app has been at the center of an ongoing battle, with lawmakers calling for an outright ban, and the company portraying itself as a
Continue Reading By Catherine Thorbecke, CNN Bob Lee, the former chief technology officer of Square who helped launch Cash App, has died after an apparent stabbing attack in San Francisco. Lee’s death was confirmed by Josh Goldbard, the CEO of his current employer, MobileCoin. Lee joined MobileCoin, a cryptocurrency and digital payments startup, in 2021 as its
Continue Reading By Marshall Cohen, CNN Dominion Voting Systems can force Fox Corporation executives Rupert and Lachlan Murdoch to testify on the witness stand at this month’s scheduled defamation trial, a Delaware judge said Wednesday. Delaware Superior Court Judge Eric Davis said at a hearing that if Dominion subpoenas the Murdochs to testify in-person, he would not
Continue Reading By Brian Fung, CNN NPR sharply criticized Twitter on Wednesday after the social media platform, in an apparent violation of its own policies, labeled the radio broadcaster as a “state-affiliated media” organization akin to foreign propaganda outlets such as Russia’s RT and Sputnik. In a statement, NPR CEO John Lansing called the decision to lump
Continue Reading By Jordan Valinsky, CNN Chipotle Mexican Grill is suing rival Sweetgreen for trademark infringement over the latter’s recently released salad bowl. In a lawsuit filed Tuesday, Chipotle said that Sweetgreen’s “Chipotle Chicken Burrito Bowl” is being marketed in a “very similar and directly competitive” manner that is similar to Chipotle’s chicken burrito bowl. Sweetgreen released
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