Money

By Allison Morrow, CNN Credit Suisse, the giant, 167-year-old European bank, was teetering on the brink of failure Wednesday, stoking anxieties about the health of the global financial system. (And frankly giving markets reporters whiplash as sentiment went from “holy-crap-sell” on Monday, to “everyone chill” on Tuesday, and back to freakout mode by Wednesday…) After

By Nathaniel Meyersohn, CNN “Bailout” became a curse word in American politics following the 2008 global financial crisis, fueling backlash among people who felt the risks and potential consequences of capitalism didn’t apply to big corporations or the wealthy. Now the recent failure of two major banks, Silicon Valley Bank and Signature Bank — and

By Anna Cooban and Olesya Dmitracova, CNN The UK government will cap energy costs for millions of households for another three months following criticism that bills were set to rise from April despite a recent plunge in wholesale natural gas prices. Finance minister Jeremy Hunt announced Wednesday that he would extend the Energy Price Guarantee

By Hanna Ziady, CNN UK financial markets were spooked again Wednesday — although, unlike last fall, the turmoil was unrelated to a new government budget aimed at reversing Britain’s economic decline. UK finance minister Jeremy Hunt was careful to avoid the drama that engulfed his predecessor’s September “mini” budget as he laid out new spending

By Mark Thompson and Anna Cooban, CNN Hours after the Swiss central bank said it was ready to provide financial support to Credit Suisse, the beleaguered megabank took it up on the offer, hoping to reassure investors that it had the necessary cash to stay afloat. Credit Suisse said it would borrow up to 50

By Chris Lau, CNN A Taiwanese museum that houses some of the world’s most precious Chinese artworks has confirmed that up to 100,000 high-resolution images of paintings and calligraphy leaked online — some of them turning up for sale on a Chinese shopping platform for less than $1. The National Palace Museum in Taipei said

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

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

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.

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

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

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

By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,

By Matt Egan, CNN Moody’s Investors Service cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank. The credit ratings firm said it expects more banks will come under pressure after SVB’s failure

By Laura He, CNN Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. Japan’s Nikkei 225 tumbled 2.19% to post its third straight day of declines. Hong Kong’s Hang Seng briefly

By Kathleen Magramo and Moeri Karasawa, CNN Masatoshi Ito, the Japanese billionaire who turned 7-Eleven convenience stores into a global empire, has died aged 98, closing the chapter on one of Asia’s most storied retail entrepreneurs. Seven & I Holdings, operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died

By Laura He, CNN China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States

By Oliver Darcy, CNN Andrew Ross Sorkin woke up early Monday morning, long before the crack of dawn, after managing to sneak in a handful of hours of sleep. The New York Times columnist had been up late into the night working on his DealBook newsletter. And now he needed to rise for a special

By Nicole Goodkind, CNN Understanding the economy is a complicated task, and even the experts are struggling to answer seemingly simple questions like “Are we on the brink of a recession?” or “Why isn’t inflation falling faster?” Many have resorted to the use of metaphor to convey the current complexity of the economy. It’s a

By Laura He, CNN China’s new premier has tried to reassure the private sector in his debut press conference, as concerns grew about the country’s future policy direction with the introduction of a new cabinet loyal to leader Xi Jinping. Li Qiang, a long-time aide to Xi, officially succeeded Li Keqiang as premier over the

By Michelle Toh, Rob North and Olesya Dmitracova, CNN HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the deposits of thousands of British tech firms that hold money at the lender. Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England

By Laura He, CNN The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent. SVB, which worked with nearly half of all venture-backed tech and healthcare companies in the

By Anna Bahney and Chris Isidore, CNN Jim Stewart was getting ready to sell his home in East Palestine, Ohio, and retire. Then came the derailment of a Norfolk Southern train on February 3, releasing toxic chemicals into the air and nearby water, and he fears crashing the value of his home. He and his

By Juliana Liu and Gawon Bae, CNN BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. HYBE said Sunday it made its decision “after observing that the market has been showing signs of overheating due to competition with

By Alicia Wallace, CNN February’s jobs report had a little something for everyone. For workers, there were jobs; for employers, there were workers filling shortfalls caused by the pandemic; for the Federal Reserve, there were indications that the labor market was loosening and wage pressures were easing. Then again, the total of 311,000 net jobs

By Ramishah Maruf, CNN Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers who withdrew their deposits.

By Rhea Mogul, CNN Asia’s richest man, Mukesh Ambani, has announced plans to relaunch an iconic 1970s soda brand that once rivaled Coca-Cola and Pepsi, prompting a wave of nostalgia on social media among the millions of Indians who grew up drinking the beverage. Ambani’s Reliance Group said this week it would reintroduce Campa Cola

By Nathaniel Meyersohn, CNN A toy company based in New York has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat. Camp, a venture-backed retailer, sent an email to customers Friday announcing it was slashing prices and would use sales to help fund its

By Lauren del Valle, CNN United States District Judge Lewis Kaplan indicated at a hearing Friday he might modify FTX founder Sam Bankman-Fried’s bail conditions, but only after attorneys further tighten the restrictions on Bankman-Fried’s access to technology. Kaplan said he’s still not convinced that the founder of bankrupt crypto trading platform FTX wouldn’t be

By Nicole Goodkind, CNN The US labor market is remarkably strong — unemployment is sitting at five-decade lows even as the Federal Reserve does all it can to cool the economy in its fight against inflation. Wage growth is also increasing as demand for labor outpaces supply. But not all workers have benefited equally from

By Hanna Ziady, CNN London is used to punching well above its weight in global financial markets. For years, the London Stock Exchange attracted an outsized share of investor capital relative to the size of the UK economy, reflecting the international nature of its listed companies. In 2000, UK-listed equities made up 11% of the

By Oliver Darcy, CNN Bob Iger’s vision for Disney is coming into greater focus. In his appearance at Morgan Stanley’s annual Technology, Media & Telecom Conference, Iger spoke at length about the future of the entertainment Goliath he once again finds himself leading, providing a glimpse into his plans for the media powerhouse. The CEO