Money

By Mark Thompson, Liz Enochs and Chris Isidore, CNN In a milestone moment for the banking crisis, a company has purchased most of what’s left of the bank that started the meltdown. First Citizens Bank has purchased the remaining assets, deposits and loans of Silicon Valley Bank, the US lender that failed earlier this month

By Michelle Toh, CNN The head of the International Monetary Fund called for greater vigilance over the global financial system during a speech in China on Sunday in which she also pointed to “green shoots” emerging in the world’s second-largest economy. “Risks to financial stability have increased,” IMF Managing Director Kristalina Georgieva said during remarks

By Parija Kavilanz, CNN Check the aisles at Walmart, Target or your neighborhood drug store and you’ll find them chock full of scented, lathering, moisturizing, bubbling — even glittering — face and body cleansers for kids and adults. But, until recently, there’s been a glaring shortage of products targeting the skin-care needs of one key

By Allison Morrow, CNN Two weeks ago, few people outside the tech industry had even heard of Silicon Valley Bank, the midsize California lender whose rapid implosion would end up shaking the foundations of the entire global financial system. But on the morning of Friday, March 10, after clients withdrew $42 billion in the span

Krystal Hur, CNN Federal regulators are being called to testify before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday about the collapse of Silicon Valley Bank and Signature Bank. Here’s who’s slated to appear on the witness stand: Martin Gruenberg, Chairman, Board of Directors of the Federal Deposit Insurance

By Heather Chen, CNN The founder of one of the world’s biggest dumpling empires has died. Yang Bing-yi, who set up the Taiwanese restaurant chain Din Tai Fung, “passed away peacefully” at the age of 96, the company said in a statement Saturday. It did not mention the cause of death but said that private

By Chris Isidore, CNN The Los Angeles school strike that kept about a half-million students out of classrooms for three days this past week has ended, but that happened even before the union announced a tentative labor contract late Friday. Still, the union’s success is another sign of why short-term strikes like it are surging

Reuters Deposits at small US banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15, which was more than twice the previous record drop

By Krystal Hur, CNN Markets seesawed severely this week when two of the US economy’s most prominent leaders gave seemingly contradictory statements on the health of the banking sector. Expect more turbulence ahead. Fresh off of the Federal Reserve’s decision on Wednesday to hike interest rates by a quarter point, Fed Chairman Jerome Powell said

By Danielle Wiener-Bronner, CNN For decades, Girl Scouts has used cookie sales to raise funds and teach scouts about entrepreneurship. This year, thanks to the Raspberry Rally cookie, members got a painful lesson in what can happen when high demand meets limited supply. The much-hyped Rally, a raspberry-flavored spin on the Thin Mint, was always

By Nathaniel Meyersohn, CNN More stores now offer customers the option to tip, from coffee shops to ice cream stores. Around 48% of purchases at fast food restaurants, as well as coffee shops, included a tip during the final quarter of 2022, according to data released this month from Toast, a restaurant management software company.

By Kathleen Magramo and Jake Kwon, CNN Apple CEO Tim Cook gave a show of support for China as a market and manufacturing base during a visit to Beijing Saturday, even as trade and tech sector tensions escalate between the United States and the world’s second-largest economy. Apple and China had “grown together” over the

By Jeanne Sahadi, CNN The Federal Reserve on Wednesday raised its key interest rate for the ninth time since last March. Each time the Fed raises the rate, lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more expensive. “[T]he average

By Michelle Toh, CNN Travelers across Asia Pacific will likely continue to fork out more than usual for flights this year, even as planes return to the skies at a rate not seen since the start of the pandemic. Airfares within the region were 33% higher in February than the same month in 2019, compared