Money

By Lauren Koenig and Ramishah Maruf, CNN Amtrak is restoring service after a slew of train cancellations, primarily in the Midwest due to “a rail-industry control system that continues to experience intermittent communications issues,” according to Amtrak spokesperson W. Kyle Anderson. The industry control system is used to connect to other railroads, Anderson said. Amtrak

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 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 Matt Egan, CNN The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? For Tom Barkin, the decision wasn’t especially challenging. Inflation, he says, remains public enemy No. 1. “Inflation is high. Demand hadn’t seemed to come down. And so, the case for raising was

By Anna Bahney, CNN Mortgage rates have taken would-be buyers on a ride this year — and it’s only March. Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. But there are bound to be some bumps

By Manveena Suri and Rhea Mogul, CNN The former leader of India’s main opposition political party has been disqualified as a lawmaker, a day after he was handed a two-year jail sentence for defamation, in a ruling his supporters say is politically motivated. India’s lower house, the Lok Sabha, said in a statement that Rahul

By Sandi Sidhu and Chris Lau, CNN Chinese authorities have closed the Beijing office of Mintz Group, an American corporate due diligence firm, and detained five local staff, the company said Friday. In a statement provided to CNN, Mintz Group, which is based in New York, said it had not received any official legal notice

By Rhea Mogul, CNN Russia is unable to honor its arms delivery commitments to India because of the war in Ukraine, the Indian Air Force (IAF) said, placing a potential strain on New Delhi’s relationship with its largest defense supplier as Moscow attempts to ramp up weapons production. An IAF representative told an Indian parliamentary

By Oliver Darcy and Marshall Cohen, CNN An attorney for Ray Epps, the Arizona man that January 6 conspiracy theorists falsely claim led an FBI plot to orchestrate the insurrection, demanded an on-air retraction Thursday from Fox News and its right-wing talk host Tucker Carlson, and claimed they made “false and defamatory statements” about him.

By Anna Bahney, CNN New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale. Sales of newly constructed homes were up 1.1% in February from

By Danielle Wiener-Bronner, CNN Starbucks’ new CEO Laxman Narasimhan teased his plan for the company in a letter to employees. It includes working in Starbucks stores as a barista once a month. Narasimhan officially became the coffee chain’s chief executive on Monday, taking the reins from Howard Schultz about two weeks earlier than scheduled. But

By Mark Thompson, CNN Switzerland’s banking crisis has been halted, the country’s central bank said Thursday as it hiked interest rates for the fourth time in a bid to contain inflation. Together with the Swiss government and financial market regulator FINMA, the Swiss National Bank (SNB) helped orchestrate the emergency takeover of Credit Suisse by

By Dalal Mawad, Aurore Laborie, Oliver Briscoe and Joshua Berlinger, CNN French transport networks, oil refineries and schools were hit by widespread disruption Thursday as workers staged a national strike to protest an increase in the retirement age that was pushed through parliament without a vote. Though sporadic demonstrations had popped up in Paris and

By Laura He, CNN China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry.

By Juliana Liu and Anna Cooban, CNN European and Asian markets were mixed during Thursday trade as investors digested the decision by the US Federal Reserve to raise its main interest rate by 25 basis points in a bid to bring down inflation. European markets opened lower, with the region’s benchmark Stoxx Europe 600 index

By Oliver Darcy, CNN Shou Zi Chew is getting ready for his inaugural trip to Congress. The TikTok chief executive has, for the last week, participated in near-daily, multi-hour prep sessions, CNN has learned, as he readies to face a bipartisan grilling on Thursday from lawmakers on a number of issues, most notably data privacy

By Allison Morrow, CNN In congressional testimony earlier this month, Fed Chairman Jerome Powell told lawmakers that the central bank would likely need to raise interest rates higher and possibly faster than previously expected. The message was clear: Buckle up, America — we are going to keep raising rates and get inflation down, come hell

By Jeanne Sahadi, CNN After two weeks of banking turmoil, the Federal Reserve on Wednesday continued its bid to beat down inflation by raising its key interest rate again, the ninth such hike over the past year. That increase — which comes after US regulators undertook a number of confidence-boosting efforts to backstop banks and

By Marshall Cohen, CNN The judge in the Dominion Voting Systems’ defamation case against Fox News signaled his interest Wednesday in the duty that executives like Rupert Murdoch might have to stop known liars from going on-air, and suggested he might force Murdoch to testify. Delaware Superior Court Judge Eric Davis repeatedly pressed a Fox

By Matt Egan, CNN Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank. In a new letter shared exclusively with CNN, Warren, Sen. Bernie Sanders and ten other senators are calling for the Fed to crack down on large regional banks with assets between $100

By Nicole Goodkind, CNN Federal Reserve officials have a difficult path ahead of them. They still have work to do to bring inflation down, but their efforts have been complicated by the events of the past few weeks. The failures of Silicon Valley Bank and Signature Bank and the ongoing stress in the regional banking

By Rhea Mogul, CNN A colossal police hunt for a Sikh separatist who has revived calls for an independent homeland in India’s Punjab state has stoked fears of violence and revived painful memories of a bloody insurgency that killed thousands. Amritpal Singh, 30, has been on the run since March 18 after he was accused

By Juliana Liu, CNN Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng index was trading 2.3% higher, leading gains in the region. Japan’s Nikkei 225 rose by 1.8%, while the broader Topix index