By Phil Mattingly, CNN The US Justice Department and Securities and Exchange Commission are opening investigations into the collapse of Silicon Valley Bank, according to sources familiar with the matter. The federal investigations are in their preliminary stages, a source said, and are looking into both the bank’s failure and the actions by senior executives
Continue Reading By Nicole Goodkind, CNN After Silicon Valley Bank and Signature Bank failed, the US government stepped in with an extraordinary measure to rescue customers, some of whom held many millions of dollars in uninsured deposits that otherwise would have been wiped out. But a second, perhaps more significant rescue plan has gotten mostly lost in
Continue Reading By Danielle Wiener-Bronner, CNN Tyson is laying off nearly 1,700 workers as it closes two poultry plants in an effort to boost profits. The company will shutter a chicken processing plant in Glen Allen, Virginia that employs 692 people, as well as one in Van Buren, Arkansas, with 969 employees, on May 12. The closure
Continue Reading By Danielle Wiener-Bronner, CNN Tyson is laying off nearly 1,700 workers as it closes two poultry plants in an effort to boost profits. The company will shutter a chicken processing plant in Glen Allen, Virginia that employs 692 people, as well as one in Van Buren, Arkansas, with 969 employees, on May 12. The closure
Continue Reading By Samantha Murphy Kelly, CNN Business Nearly four months after OpenAI stunned the tech industry with ChatGPT, the company is releasing its next-generation version of the technology that powers the viral chatbot tool. In a blog post on Tuesday, OpenAI unveiled GPT-4, which the company says is capable of performing well on a range of
Continue Reading By Allison Morrow, CNN After a few days of panic over the health of America’s banking system, Wall Street appeared to take a deep breath Tuesday. Regional bank stocks rebounded Tuesday morning after being pummeled in a Monday selloff that was fueled by a mix of contagion fears and a pile-on of short-sellers who profit
Continue Reading By Danielle Wiener-Bronner, CNN Grocery prices rose slightly last month, but eggs are finally getting cheaper in the supermarket. In February, egg prices fell 6.7% compared to January, according to seasonally adjusted data released Tuesday by the Bureau of Labor Statistics. Groceries rose 0.3% in that time, while menu items got 0.6% more expensive, for
Continue Reading By Krystal Hur, CNN The Dow opened the day with a decline of more than 500 points Wednesday as banking fears spread across global markets, though the index pared losses to close the day down about 281 points, or 0.9%. The S&P and Nasdaq slipped roughly 2% and 1.5%, respectively, earlier in the session. The
Continue Reading By Jennifer Korn The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from
Continue Reading By Jennifer Korn The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from
Continue Reading By Catherine Thorbecke, CNN Facebook-parent Meta plans to lay off another 10,000 workers, marking the second round of significant job cuts announced by the tech giant in four months. The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Alicia Wallace, CNN Inflation’s temperature came down a little bit more last month, but the Federal Reserve’s campaign to bring down high prices has grown even more complex in recent days. The Consumer Price Index, a closely watched gauge of inflation, showed that annual price increases continued to slow in February, the Bureau of
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Jordan Valinsky, CNN McCormick, the top-selling maker of seasonings and spices, is giving its iconic red-cap bottles their first makeover in nearly 40 years. Shoppers will soon see newly designed bottles that feature updated labeling and a new “snap” cap that the company says keeps spices and seasonings fresher compared to its previous design.
Continue Reading By Andrea Cambron, CNN The Justice Department on Monday filed a lawsuit against Rite Aid for allegedly violating the Controlled Substances Act, alleging that the company “knowingly filled unlawful prescriptions for controlled substances.” In a statement, Attorney General Merrick Garland said the Department of Justice is “using every tool at our disposal” to hold Rite
Continue Reading By Hanna Ziady, CNN Credit Suisse acknowledged “material weakness” in its financial reporting Tuesday as it scrapped bonuses for top executives in the wake of the bank’s worst annual performance since the global financial crisis. The embattled Swiss lender also said chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million
Continue Reading By Jeanne Sahadi, CNN The gender pay gap is typically referred to in monetary terms, measuring how much women earn for every dollar a man earns. But that gap is also indirectly a marker of time, since women on average earn less and therefore have to work longer just to break even with men. How
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