By Nicole Goodkind, CNN Fear overtook Wall Street Thursday after SVB Financial Group, a bank that lends primarily to tech companies, told investors it had to sell $1.75 billion in shares at a loss in order to cover rapidly declining customer deposits. That triggered losses across the banking sector and concern that the Federal Reserve’s
Continue Reading By Oliver Darcy, CNN Fox Corporation CEO Lachlan Murdoch on Thursday dismissed the revelations from Dominion Voting Systems’ $1.6 billion defamation lawsuit against Fox News as “noise,” throwing his support behind the right-wing talk channel in his first comments since the case enveloped the company in major scandal. “I think a lot of the noise
Continue Reading By Julia Horowitz, CNN Russia has restricted exports of natural gas to Europe and announced it will temporarily slash oil output this month in response to Western sanctions. Next, it could weaponize exports of important metals such as aluminum and palladium, researchers at Citigroup have warned. Prices of these commodities could spike as a result,
Continue Reading By Julia Horowitz, CNN Russia has restricted exports of natural gas to Europe and announced it will temporarily slash oil output this month in response to Western sanctions. Next, it could weaponize exports of important metals such as aluminum and palladium, researchers at Citigroup have warned. Prices of these commodities could spike as a result,
Continue Reading By Anna Bahney, CNN Mortgage rates edged further toward 7%, rising for the fifth consecutive week, as the Federal Reserve suggests rate increases will continue amid stubborn inflation. The 30-year fixed-rate mortgage averaged 6.73% in the week ending March 9, up from 6.65% the week before, according to data from Freddie Mac released Thursday. A
Continue Reading By Alicia Wallace, CNN The US economy added 311,000 jobs in February, according to the latest monthly employment snapshot from the Bureau of Labor Statistics released Friday. That’s a pullback from the blockbuster January jobs report, when a revised 504,000 positions were added, but shows the labor market is still emitting plenty of heat. The
Continue Reading By Anna Cooban, CNN After months of soaring stock prices, Europe’s defense companies hardly needed another boost. But a tentative €2 billion ($2.1 billion) European Union plan to procure ammunition for war-torn Ukraine may provide just that. EU defense ministers wrapped up a two-day summit in Sweden this week. The outcome was a provisional agreement
Continue Reading By Jordan Valinsky, CNN Business General Motors said in January it would save $2 billion without planning any layoffs. But on Thursday it said it was looking for workers to leave voluntarily. In a regulatory filing, the automaker said it was looking to save costs through attrition and a voluntary separation program in which eligible
Continue Reading By Samantha Murphy Kelly, CNN Business Lithium-ion batteries, found in many popular consumer products, are under scrutiny again following a massive fire this week in New York City thought to be caused by the battery that powered an electric scooter. At least seven people have been injured in a five-alarm fire in the Bronx which
Continue Reading By Samantha Murphy Kelly, CNN Business Lithium-ion batteries, found in many popular consumer products, are under scrutiny again following a massive fire this week in New York City thought to be caused by the battery that powered an electric scooter. At least seven people have been injured in a five-alarm fire in the Bronx which
Continue Reading By Alicia Wallace, CNN January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs
Continue Reading By Nicole Goodkind, CNN Reddit investors have been the butt of many jokes over the last few years, but could these much-maligned meme traders have the last laugh? A surprising new survey finds that 58% of institutional investors — the professionals who trade on behalf of banks and pension funds, the so-called “smart money” —
Continue Reading By David Goldman, CNN The White House lashed out at Fox News host Tucker Carlson Wednesday in an extraordinary rebuke of the late-night commentator who has been airing false depictions of the January 6, 2021, attack this week. Carlson, given access to about 40,000 hours of US Capitol security camera footage by Republican House Speaker
Continue Reading By Juliana Liu and Wayne Chang, CNN Europe’s biggest producer of advanced chipmaking technology has joined the United States in its escalating standoff with China. The Netherlands announced Wednesday, via a letter from its trade minister to parliament, that new restrictions on overseas sales of semiconductor technology were needed to protect national security. While the
Continue Reading By Juliana Liu and Wayne Chang, CNN Europe’s biggest producer of advanced chipmaking technology has joined the United States in its escalating standoff with China. The Netherlands announced Wednesday, via a letter from its trade minister to parliament, that new restrictions on overseas sales of semiconductor technology were needed to protect national security. While the
Continue Reading By Hanna Ziady, CNN Credit Suisse can’t catch a break. In the latest piece of troubling news, the beleaguered Swiss bank has delayed the publication of its 2022 annual report following a “late call” from the US Securities and Exchange Commission on Wednesday evening. The SEC got in touch over revisions the bank had previously
Continue Reading By David Goldman, CNN JPMorgan Chase sued former executive James Edward “Jes” Staley, who was largely responsible for JPMorgan’s 15-year financial relationship with disgraced financier Jeffrey Epstein. The US Virgin Islands government filed a lawsuit against JPMorgan in December, alleging the bank “had a more than close-up view of Epstein’s sex-trafficking” and “ignored obvious red
Continue Reading By Oliver Darcy, CNN Dominion Voting Systems and Fox News traded barbs in new court filings Wednesday, with the election technology company accusing Fox of wanting a “license to knowingly spread lies,” and the right-wing channel claiming the lawsuit is an “unprecedented assault on the First Amendment.” The filings tee up a high-stakes hearing in
Continue Reading By Allison Morrow, CNN Crypto-focused lender Silvergate said it is winding down operations and will liquidate the bank after being financially pummeled by turmoil in digital assets. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best
Continue Reading By David Goldman, CNN The White House lashed out at Fox News host Tucker Carlson Wednesday in an extraordinary rebuke of the late-night commentator who has been airing false depictions of the January 6, 2021, attack this week. Carlson, given access to about 40,000 hours of US Capitol security camera footage by Republican House Speaker
Continue Reading