London CNN — On March 10, the biggest failure of a US bank since the global financial crisis was playing out in real time as a major lender to the tech industry succumbed to a classic bank run. Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators intervened […]
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 — It’s difficult to overstate the influence that Silicon Valley Bank had over the startup […]
London CNN — The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses. “The Bank of Canada, the Bank of England, the Bank of Japan, the […]
New York CNN — It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention. The reason has a lot to do with the high-net-worth people who bank […]
New York CNN — On St. Patrick’s Day, it might seem appropriate to knock back a shot of Jameson Irish Whiskey. However, when it comes to the luck of the Irish, US whiskey-makers might have the upper hand. American-made whiskey is one of the fastest-growing spirits in the United States, with sales soaring nearly 11% […]
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 — With just a few days to go until the Federal Reserve’s next interest rate […]
Hong Kong CNN — China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for […]
Washington, DC CNN — US home building jumped higher in February, turning around after five consecutive months of falling. Housing starts, a measure of new home construction, rose by 9.8% in February from January. But that’s still down 18.4% from a year ago, according to data released Thursday by the Census Bureau. Starts in January […]
London 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 and […]
New York CNN — Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system. Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) have all experienced a significant increase in deposits since Silicon Valley Bank ran […]