A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — After Silicon Valley Bank and Signature Bank failed, the US government stepped in with […]
New York 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 […]
Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. Get the latest news in aviation, food and drink, where to stay and other travel developments. CNN — From a cabin concept that completely eradicates the middle seat to a swanky design that takes single-aisle aircraft business class to a new level, this […]
Dubai CNN — Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the year earlier, on higher energy prices, increased volumes sold and improved margins for refined products. The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and […]
Hong Kong/Seoul 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 both Kakao and […]
New York CNN — Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance […]
London 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 made […]
Hong Kong/Seoul CNN — Kakao, one of South Korea’s top internet giants, has doubled down on its quest to take control of SM Entertainment, the iconic K-pop music agency. The tech firm announced Tuesday that it would seek to buy up to 35% of the music label, just days after a previous share sale between […]
New York CNN — Tesla’s next vehicle assembly plant will be in Mexico near Monterrey, CEO Elon Musk announced Wednesday. “We’re super excited about it,” Musk said during an investor day for the company. “We’ll continue to expand production at all of our existing factories. So this is not moving output to anywhere, from anywhere. […]
New York CNN — Tesla has fired more than 30 supporters of a nascent union at its Buffalo facility, just days after the organizing effort was announced, according to the union. The union, Tesla Workers United, has filed a complaint with the National Labor Relations Board alleging the company illegally fired its supporters. The complaint […]