By Laura He, CNN China’s economic recovery appears to be on track as it gradually emerges from three years of its strict zero-Covid policy. But rising youth unemployment underscores the tough challenges ahead for the new government to achieve its economic targets and maintain social stability. The National Bureau of Statistics on Wednesday released key
Continue Reading By Juliana Liu, Yoonjung Seo and Gawon Bae, CNN South Korea says it will build an enormous facility to make computer chips in the greater Seoul area, with about $230 billion in investment from memory chip giant Samsung Electronics. The plans were announced by President Yoon Suk Yeol on Wednesday and confirmed by the electronics
Continue Reading By Oliver Darcy, CNN “A challenging period.” That’s how Mark Zuckerberg described in a memo what the near future will be like for Meta employees after he announced the once-impervious social media company will cut another 10,000 jobs in the months ahead. Zuckerberg, who has been conducting a review of the business as he aims
Continue Reading By Michelle Toh, Marc Stewart and Emiko Jozuka, CNN Hogwarts is coming to Tokyo, as Warner Bros. pushes to expand one of the most successful franchises in literary and cinematic history. The company showed a preview of a new “Harry Potter” studio tour in the Japanese capital on Wednesday, its first outside the United Kingdom.
Continue Reading By Michelle Toh, Marc Stewart and Emiko Jozuka, CNN Hogwarts is coming to Tokyo, as Warner Bros. pushes to expand one of the most successful franchises in literary and cinematic history. The company showed a preview of a new “Harry Potter” studio tour in the Japanese capital on Wednesday, its first outside the United Kingdom.
Continue Reading CNN examines how the second-largest bank failure in US history could impact other financial institutions and their customers across the US. Watch “Bank Bust: What’s Next for America’s Money” Wednesday, March 15 at 9 p.m. ET. If you are unable to see the form above, click here. The-CNN-Wire™ & © 2023 Cable News Network, Inc.,
Continue Reading 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
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